Travel Insurance for Global Nomads

We know, the last thing you want to think about while preparing your worldwide-trip is insurance.. However, it is very important to have one for unforeseen costs one might encounter during your travels and stays. There is only one thing worse than bad travel insurance, not having one at all. In the world we live in and the climate showing it’s extreme, you most definitely need travel insurance. In this blog we will discuss why you need it, the types of insurances and tips to make your life easier for choosing one.

Reasons why you need travel insurance:

  • If your luggage gets lost or stolen
  • Flight delays
  • Last-minute cancellation of a trip
  • If you need medical treatment

These are things that happen during travel, not to everyone, but still, you should not have to worry about the costs during your travel, because worldwide travel insurance covers them.

When searching for travel insurance it is important to keep in mind the length you are travelling. Are you away for a couple of months, or are you going to take many short trips in a year? Most standard travel insurances will have 30-day coverage. If, for example, you are travelling 3 times a year, you are in most cases better off with separate travel insurances per trip because it will cost you less than an annual plan. However, if you are travelling longer than 30 days per trip or let’s say doing a world trip, an annual travel insurance plan will be your saviour. Make sure you check with the annual travel plan if the coverage costs are per year or per trip. 

Outside the European Union, most people have private health insurance. These are insurances run by the private health insurance industry as opposed to government-run insurance programs. In The Netherlands, for example, all residents are required to insure themselves with a ‘basic insurance’ at a minimum, which in the coverage and premium are determined by the government. A worldwide travel insurance policy includes a higher cost of medical treatment into account. Always make sure that the destinations you are going to are included in your worldwide travel cover because worldwide, unfortunately, does not mean the whole world at some insurance companies. 

If you are bringing your expensive equipment with you during your travels or even the basics: phone, laptop and camera. These costs can add up if your properties are stolen, keep that in mind and always check how much you can claim. 

Travelling with your family? Most insurances cover your kid(s), but they are bound by age. Some cover them until 10 years old. Others cover them up to 18 years old. Choose wisely depending on the age of your kid(s).

Travel insurance does not cover everything, many travellers combine it with good health insurance that will evacuate you during medical emergencies. Some travel insurance covers your medical bills for example, but not medical transportation. So it is vital that you are fully covered. 

You take care of your travel insurance and let Short Stay Citizens take care of your accommodations!

 

By Leticia Gisela

Sources: 

Forbes, 2018

World Nomads

Compare the Market, 2019

MoneyCheck, 2019


Tips for Business Travel Insurance

Are you a frequent business traveller? If you answered yes, then keep reading! We have made a checklist for you to see if you need it. Already know that you need it? Scroll down for tips and see if you have the right insurance.

Questions you need to ask yourself about travel insurance

  • Does your company have a corporate security program that covers travel?
  • Does your health insurance cover you internationally?
  • Do you have a credit card with benefits?

If you have answered any of these questions with no, you should look into business travel insurance. You do not want to be abroad, have a medical emergency and worry about the costs. There are different ways you can cover yourself during your business trips. We will discuss some of them below.

Upgrade your health insurance

Many health insurance companies have upgrades that can cover medical bills abroad and emergency transport etc. You should consider changing to another health insurance if the international coverage is not reasonable enough for you. Most basic health insurances do not or only cover medical costs partially. For better cover during travel, you will need to upgrade. Keep in mind that they will not cover travel inconveniences such as lost luggage or delays.

Look into what your credit card offers

Many credit cards offer travel insurance. You can either use your personal or your company credit card to see which one offers the best travel insurance. If you want to use your credit card travel insurance, be aware that you need to pay at least a part of the trip expenses with the card. Keep in mind that credit card travel insurance is quite limited, hence annual coverage limits not per trip. Read into the fine print of the conditions to find out what they cover.

Invest in a separate (business) travel insurance

Or better yet, try convincing your company to invest in one. There are various options: Some you pay every month, another option is travel insurance per trip, or some are available on a yearly basis. What does the travel insurance company do for you?

  •     Track lost luggage
  •     Offer baggage delay coverage
  •     Travel assistance
  •     Find local medical care
  •     Locate translators
  •     Cover lost luggage till a certain amount
  •     Cover trip interruption
  •     Trip cancellation coverage

The difference

As mentioned above, health insurance only covers medical expenses. Credit Cards only cover trips that were fully or partially paid with the card. Travel insurance covers your medical bills and any other inconveniences during your trip. If you do not travel often, you can combine your health insurance and credit card travel insurance and have a safety net during your trip. But if you are a frequent business traveller a separate travel insurance plan is highly advised. 

Tips

  1.     Before you choose travel insurance, compare the limits of cover with the amount that is deducted from a payout or your own mandatory coverage.
  1.     Try not to use tools like websites that compare insurances, because the insurance companies will show their lowest prices to make sure they appear at the top of the search results. But these low prices come with low coverage and high mandatory personal coverage. Visit the websites of the insurance companies and write what is necessary for yourself and make your own comparison tool.
  1.     If you travel more than four times a year, it is best to invest in travel insurance on a yearly basis. If you travel less than that, go for separate travel insurance for your trips.

Now you know if you need separate travel insurance, the ways you can cover yourself during your business trips and some of our tips. At Short Stay Citizens we ensure full legal security throughout the booking process and your entire stay. That is one less worry, however, having travel insurance is of great importance for frequent travellers. We hope you’ll find your perfect fit after reading our blog. Any tips for fellow travellers? Comment below!

 

 

 

 

By Leticia Cardoso

 

Sources:

Business Travel Insurance 

Guide to travel insurance, 2016